来源：滚动播报 百济神州创新的"飞轮"还在不断加速，为未来布局更多业绩新增长点。目前，该公司已建成横跨多个国 家的全球研发网络，并拥有40多款处于临床开发和商业化阶段的产品，仅2024年一年，就将13款具有差 异化优势的新分子实体推进临床开发阶段。 两家创新药企业绩向好的背后，是北京发展生物医药产业"十年磨一剑"的积淀，也显现出这一产业未来 的强大活力与潜力。 "自首款自主创新药物泽布替尼上市以来，我们自主研发的产品已惠及全球超过75个市场的180多万名患 者。"百济神州总裁兼首席运营官吴晓滨表示。此次上半年实现盈利，正是得益于公司两款核心创新抗 癌药产品的销售增长。 具体来看，伴随更多适应症获批，创新药泽布替尼市场价值持续释放，上半年全球销售额总计125.27亿 元，同比增长56.2%，其中中国销售额总计11.92亿元，同比增长36.5%；美国销售额总计89.58亿元，同 比增长51.7%；欧洲销售额总计19.18亿元，同比增长81.4%。另一款抗癌药替雷利珠单抗上半年销售额 总计26.43亿元，同比增长20.6%。 （来源：千龙网） 近期，创新药企百济神州、诺诚健华相继发布半年财报，百济神州上半年净利润达 ...

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Report's Core View - Gold is expected to trade in a high - level range; silver is likely to decline slightly [2][4]. - Copper lacks a clear driver, and its price will oscillate [2][11]. - Zinc will trade within a range [2][14]. - The decreasing inventory of lead will support its price [2][17]. - Tin will trade within a range [2][20]. - Aluminum will trade in a high - level range; alumina will rise slightly in a sideways movement; cast aluminum alloy will follow the trend of electrolytic aluminum [2][25]. - Nickel will have a narrow - range oscillation based on fundamental logic, and investors should be wary of news - related risks; stainless steel prices will oscillate due to the game between macro - expectations and reality [2][28]. 3. Summary by Related Catalogs 3.1 Precious Metals (Gold and Silver) - **Price and Trading Volume**: For gold, the closing prices of沪金2510 and黄金T+D decreased by 0.31% and 0.33% respectively, while Comex黄金2510 increased by 0.99%. For silver,沪银2510 and白银T+D decreased by 1.57% and 1.74% respectively, and Comex白银2510 increased by 1.48%. The trading volumes and open interests of some contracts also changed [5]. - **Inventory**: The inventories of ETFs, domestic and foreign exchanges showed different trends, such as a decrease in SPDR黄金ETF持仓 by 4 and an increase in Comex白银库存 by 600,232 ounces [5]. - **Macro and Industry News**: Fed's July meeting minutes released hawkish signals; Trump pressured Fed governor Lisa Cook; Fed's potential payment innovation with the industry; China's August LPR remained unchanged [5][22]. - **Trend Intensity**: Gold trend intensity is 1; silver trend intensity is - 1 [9]. 3.2 Copper - **Price and Trading Volume**: The closing price of沪铜主力合约 decreased by 0.30% during the day and increased by 0.13% at night; the closing price of伦铜3M电子盘 increased by 0.38%. The trading volumes and open interests of both contracts changed [11]. - **Inventory and Spread**: The inventory of沪铜 decreased by 275 tons, and that of伦铜 increased by 1,200 tons. Various spreads such as LME铜升贴水 and现货 - to - futures spreads also changed [11]. - **Macro and Industry News**: Fed's meeting minutes were hawkish; China's August LPR remained unchanged; PT Smelting's maintenance was extended; Codelco's smelter restarted; Glencore applied for investment incentives; China's July copper imports data were released [11][13]. - **Trend Intensity**: Copper trend intensity is 0 [13]. 3.3 Zinc - **Price and Related Data**: The closing price of沪锌主力 increased by 0.27%, and that of伦锌3M电子盘 decreased by 0.50%. Other data such as trading volume, open interest, and various spreads also changed [14]. - **News**: The US PPI reached 3.3%, and the growth rate of M2 was approaching 5%, which might lead to inflation [14]. - **Trend Intensity**: Zinc trend intensity is 0 [14]. 3.4 Lead - **Price and Related Data**: The closing price of沪铅主力 decreased by 0.59%, and that of伦铅3M电子盘 decreased by 0.33%. The inventory of沪铅 and伦铅 decreased, and other data such as trading volume, open interest, and spreads also changed [17]. - **Macro and Industry News**: Fed's meeting minutes were hawkish; China's August LPR remained unchanged [18]. - **Trend Intensity**: Lead trend intensity is 0 [18]. 3.5 Tin - **Price and Trading Volume**: The closing price of沪锡主力 decreased by 0.09% during the day and 0.23% at night; the closing price of伦锡3M电子盘 increased by 0.01%. The trading volumes and open interests of both contracts changed [21]. - **Inventory and Spread**: The inventory of沪锡 decreased by 184 tons, and that of伦锡 increased by 85 tons. Various spreads also changed [21]. - **Macro and Industry News**: Similar to other metals, including Fed's meeting minutes, Trump's pressure on the Fed, etc. [22]. - **Trend Intensity**: Tin trend intensity is - 1 [24]. 3.6 Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Related Data**: For aluminum,沪铝主力 and LME铝3M prices changed; for alumina,沪氧化铝主力 price changed. Various data such as trading volume, open interest, spreads, and enterprise profits also changed [25]. - **Macro and Industry News**: China's August LPR remained unchanged; Trump pressured Fed governor Lisa Cook [27]. - **Trend Intensity**: Aluminum, alumina, and cast aluminum alloy trend intensities are all 0 [27]. 3.7 Nickel and Stainless Steel - **Price and Industry Chain Data**: The closing prices of沪镍主力 and不锈钢主力 changed. Various data in the industrial chain such as import profit, spreads, and raw material prices also changed [28]. - **Macro and Industry News**: Multiple events in the Indonesian nickel industry, including potential export suspension, project production, environmental violations, and production suspension; a steel mill in Shandong reduced production [28][31]. - **Trend Intensity**: Nickel and stainless steel trend intensities are both 0 [33].

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Report's Core View - Gold is expected to trade in a high - level range, while silver is expected to experience a slight decline [1] - The trend strength of gold is 1, indicating a relatively weak positive outlook; the trend strength of silver is - 1, indicating a relatively weak negative outlook [6] 3. Summary by Relevant Catalogs 3.1. Fundamental Tracking - **Precious Metal Prices**: - For gold, the previous day's closing prices of沪金2510 and黄金T+D decreased by 0.31% and 0.33% respectively, while Comex黄金2510 increased by 0.99% [2] - For silver, the previous day's closing prices of沪银2510 and白银T+D decreased by 1.57% and 1.74% respectively, while Comex白银2510 increased by 1.48% [2] - **Trading Volume and Open Interest**: - For沪金2510, the previous day's trading volume increased by 31,416 compared to the day before, and the open interest increased by 39 [2] - For沪银2510, the previous day's trading volume increased by 242,392 compared to the day before, and the open interest decreased by 23,822 [2] - **ETF and Inventory**: - The SPDR gold ETF持仓 decreased by 4, and the SLV白银ETF持仓 (the day before yesterday) decreased by 34 [2] - The沪金 inventory increased by 249 kilograms, while the Comex黄金 inventory (the day before) decreased by 17,426 ounces; the沪银 inventory decreased by 9,247 kilograms, while the Comex白银 inventory (the day before) increased by 600,232 ounces [2] - **Price Spreads**: - The买沪金12月抛6月跨期套利 cost decreased by 0.87, and the买沪银12月抛6月跨期套利 cost decreased by 11.3 [2] - The黄金T+D对伦敦金的价差 increased by 378.99, and the白银T+D对伦敦银的价差 increased by 4,670 [2] - **Exchange Rates**: - The dollar index decreased by 0.04%, and the dollar - to - CNY (CNY spot) decreased by 0.06% [2] 3.2. Macro and Industry News - The Fed's July meeting minutes showed that most people think inflation is a higher risk than employment, and there are concerns about the fragility of the US Treasury market and the impact of stablecoins [4] - Trump pressured the Fed, asking Lisa Cook to resign, but Cook refused to be coerced [7] - Fed Chair favorite Waller said there's nothing to fear about cryptocurrency technology and the Fed should promote payment innovation with the industry [7] - Li Qiang emphasized promoting the improvement and upgrading of the biopharmaceutical industry [7] - China's August LPR quotes remained unchanged, with the 5 - year - plus LPR at 3.5% and the 1 - year LPR at 3% [7] - The Hong Kong Stock Exchange will study a 24 - hour trading mechanism [5]

Core Insights - Jiangsu Province has 16 companies listed in the 2024 China Pharmaceutical Industry Top 100, an increase of one from the previous year, maintaining the highest number in the country for two consecutive years [1][2] - The province's biopharmaceutical cluster achieved over 450 billion yuan in revenue and over 73 billion yuan in profit, both ranking first in the nation [1] - Jiangsu's chemical drug sector surpassed 200 billion yuan, while the medical device sector exceeded 100 billion yuan [1] Industry Overview - The top 100 companies reflect the concentrated development of the pharmaceutical industry in Jiangsu, which has established a solid foundation and competitive advantage nationally [2] - The province has cultivated 8 national manufacturing single champion enterprises and 214 national specialized and innovative "little giant" enterprises [1] - Jiangsu's focus on collaborative innovation and support for innovative drug and medical device development is evident through policies that integrate resources from universities, research platforms, and hospitals [1][2] Company Performance - Among the listed companies, 9 are in the top 50, with Heng Rui Medicine and Zhengda Tianqing Pharmaceutical ranking 8th and 9th respectively [2] - Companies such as Innovent Biologics and Hansoh Pharmaceutical have made significant jumps in rankings, moving up 8 and 5 places respectively [2] - Jiangsu has 5 companies in the top 10 for "2024 R&D Intensity Industrial Enterprises," with Innovent Biologics leading the list [2] Future Outlook - The Jiangsu Provincial Industry and Information Technology Department plans to enhance the "1650" industrial system, focusing on platform synergy, mechanism empowerment, and ecological cultivation [2] - The goal is to strengthen inter-departmental collaboration, improve policy support systems, and accelerate the creation of a biopharmaceutical cluster with international competitiveness [2]

Group 1 - The core viewpoint of the news is the strategic R&D cooperation agreement between CSPC Pharmaceutical Group and AstraZeneca, with a total contract value of $5.33 billion for the discovery and development of new oral small molecule drug candidates using AI technology [1] - CSPC has previously licensed 11 products overseas, with a total contract value exceeding $7.3 billion, indicating a strong track record in international collaborations [1] - CSPC currently has over 200 innovative drug projects under research and ranks 19th in the global pharmaceutical R&D pipeline scale as of 2025 [1] Group 2 - Shijiazhuang City is actively promoting high-quality development in the biopharmaceutical industry, implementing comprehensive support measures across the entire lifecycle of the industry [1] - The city has revised and issued measures to support breakthroughs in the new generation of electronic information and biopharmaceutical industries, providing a total of 290 million yuan in rewards to biopharmaceutical companies since 2021, including 79.25 million yuan to CSPC [1] - Shijiazhuang City is committed to optimizing the business environment and has implemented targeted support for leading enterprises, addressing over ten operational issues for CSPC this year [1][2]

Core Viewpoint - The ninth BRICS Industrial Ministers' Meeting was held in Brasilia, focusing on topics such as digital transformation, smart manufacturing, and artificial intelligence, with an emphasis on cooperation among BRICS nations [1] Group 1: Emerging Field Cooperation - There is a commitment to strengthen cooperation in emerging fields, particularly in artificial intelligence, smart manufacturing, and biomedicine, to create a vibrant partnership [1] Group 2: Sustainable Development - The meeting encourages collaboration in sustainable development sectors, including new energy vehicles, photovoltaics, wind power, and hydrogen energy, aiming to jointly develop green technologies and high-quality products [1] Group 3: Industrial Capability Foundation - The BRICS nations aim to solidify their industrial capabilities by sharing experiences, promoting technology, coordinating standards, and training talent, thereby building a more resilient partnership [1] Group 4: Supply Chain Stability - There is a focus on maintaining the stability of industrial and supply chains, promoting a mutually beneficial industrial ecosystem, and fostering an open and united partnership [1]